Virginia National Bankshares Corp
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
VABK$53.32-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows (unaudited)
CONSOLIDATED STATEM ENTS OF CASH FLOWS
(Dollars in thousands)
| For the nine months ended | ||
|---|---|---|
| September 30, 2024 | September 30, 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $12,405 | $16,095 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Recovery of credit losses | (474) | (60) |
| Net accretion of certain acquisition-related adjustments | (2,063) | (5,637) |
| Amortization of intangible assets | 994 | 1,138 |
| Net amortization (accretion) of securities | 323 | (1,754) |
| Net losses on sale of AFS | 4 | 206 |
| Net gain on early redemption of debt | (379) | - |
| Net gains on sale of assets | (36) | (132) |
| Earnings on bank owned life insurance | (858) | (1,494) |
| Depreciation and other amortization | 2,223 | 2,527 |
| Stock option expense | 94 | 128 |
| Stock grant expense | 585 | 411 |
| Net change in: | ||
| Accrued interest receivable and other assets | (240) | 52 |
| Accrued interest payable and other liabilities | (647) | (783) |
| Net cash provided by operating activities | 11,931 | 10,697 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Net decrease (increase) in restricted investments | 649 | (2,132) |
| Purchase of available for sale securities | - | (68,565) |
| Proceeds from maturities, calls, sales and principal payments of available for sale securities | 148,206 | 183,950 |
| Net change in loans | (120,146) | (78,721) |
| Proceeds from bank owned life insurance payout | — | 1,411 |
| Proceeds from sale of premises and equipment | 104 | 2,358 |
| Purchase of bank premises and equipment | (550) | (870) |
| Net cash provided by investing activities | 28,263 | 37,431 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Net change in demand deposits, money market and savings accounts | (40,471) | (270,405) |
| Net change in certificates of deposit and other time deposits | 11,276 | 162,357 |
| Net change in Federal funds purchased | (350) | - |
| Net change in other borrowings | (14,000) | 43,000 |
| Proceeds from termination of interest swap | - | 460 |
| Proceeds from stock options exercised | - | 18 |
| Repurchase of shares of stock | (559) | - |
| Cash dividends paid | (5,315) | (5,304) |
| Net cash used in financing activities | (49,419) | (69,874) |
| NET DECREASE IN CASH AND CASH EQUIVALENTS | $(9,225) | $(21,746) |
| CASH AND CASH EQUIVALENTS: | ||
| Beginning of period | $28,390 | $40,136 |
| End of period | $19,165 | $18,390 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
| Cash payments for: | ||
| Interest | $22,542 | $10,701 |
| Taxes | $2,380 | $3,579 |
| SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
| Unrealized gains (losses) on available for sale securities | $7,267 | $(8,542) |
| Initial right-of-use assets obtained in exchange for new operating lease liabilities | 281 | 1,983 |
VIRGINIA NATIONAL BANKSHARES CORPORATION AND SUBSIDIARIES
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